Clearwater Analytics (CWAN) has agreed to be acquired by an investment group led by Permira and Warburg Pincus with participation from Temasek in a deal valued at approximately US$8.4 billion. The deal also received strong support from Francisco Partners.
Following a process to engage with strategic and financial sponsors, an independent special committee of CWAN’s Board of Directors, with advice from outside legal and financial advisors, unanimously recommended the transaction, which was subsequently approved by the full Board of Directors.
Under the agreement, CWAN shareholders will receive $24.55 per share in cash, a premium of approximately 47% to CWAN’s undisturbed share price as of November 10, 2025.
Sandeep Sahai, CEO of CWAN, commented: “This transaction is a great outcome for Clearwater Analytics and our shareholders. It also sets us up for our next chapter of growth.
“Operating as a private company will allow us to invest boldly as we integrate our platforms to deliver next-generation front-to-back solutions that natively address alternative assets, deliver industry-leading risk analytics, and deliver agency solutions powered by our unique proprietary database.
“This will allow us to continue to delight customers in markets around the world. We are delighted to have the support of Permira and Warburg Pincus.”
Sahai continued: “Both companies understand our business and the technology industry and have a proven track record of driving growth for some of the largest and fastest-growing technology businesses in the world.
“We look forward to continuing to build on our momentum in the coming years to deliver advanced solutions to our customers and partners. I would like to thank the Special Committee for their rigorous process and diligent work that secured this outcome for our shareholders.”
Alex Stratoudakis, managing director at Warburg Pincus, said: “Clearwater Analytics continues to set the standard for excellence in the industry, and we are excited to invest in its vision to create an open, modular, front-to-back platform for institutional investment management.”
Angel Pu Shum, principal at Warburg Pincus, added: “We are excited to leverage our deep financial technology expertise and work with the Permira and CWAN teams to drive the company’s next wave of innovation and growth.”
Andrew Young, Partner at Permira, noted: “Clearwater Analytics has built a single-instance, multi-tenant platform for the investment accounting industry, which has been and continues to be dominated by legacy solutions.
“We are excited about the vision for this platform and will continue to invest in building true front-to-back solutions by integrating Enfusion and Beacon’s industry-leading solutions. The next cycle will be shaped by artificial intelligence and data, and we believe the business is uniquely positioned to continue to lead this transformation.”
“We are very pleased to be able to support Sandeep and his team on their AI journey and provide a seamlessly integrated platform,” said Alberto Riva, Managing Director at Permira.
Ashley Evans, partner at Francisco Partners, said: “The quality of Clearwater Analytics’ business and the strength of its team are reflected in the firm’s growing leadership position in serving an expanding community of institutional investors in the U.S. and Europe and increasingly providing front-to-back solutions to these clients.
“We look forward to working with Warburg and Permira to drive the company’s next phase of growth.”
